Buying a house without debt

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Pumakel12
Pumakel12 Posts: 2 Newbie
in Debt-free wannabe challenges
Hello all. New here. Hope this is the right section to post this question.

I will be debt free by the end of this year thank God. I never want to put myself through it again and speaking to a friend and he made me rethink getting a mortgage because that’s another type of debt that chains you down.

I’ve been doing some reading about getting a house without a mortgage(only brief).

One idea I liked was in living on half your wage. So it will take me about 6 years to save £100 000 and with some research I saw you can buy a house up north for this amount.

Now I was wondering how much do house prices go up over a 6 year period as by the time it’s 2023 I worry if the price goes up by 10 percent each year then I won’t have enough b.

Thank you for your time. I look forward to the replies

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  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    Just get a mortgage and over pay when you can then you are on the housing ladder and taking advantage of any HPI.
  • Pumakel12
    Pumakel12 Posts: 2 Newbie
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    Thanks will consider it
  • Windofchange
    Windofchange Posts: 1,167 Forumite
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    Nobody can tell you whether house prices will go up or down over the next six years. As above, probably best just getting a mortgage and overpaying it if you’re able. My personal opinion is we’re in for a correction down south as things are just ridiculous. Up north, things seemed to have stalled / gone down already. Plenty of folks posting about negative equity woes on the house buying and selling section. You pays yer money, you makes yer choice and all that.
  • datlex
    datlex Posts: 2,239 Forumite
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    Pumakel12 wrote: »
    Hello all. New here. Hope this is the right section to post this question.

    I will be debt free by the end of this year thank God. I never want to put myself through it again and speaking to a friend and he made me rethink getting a mortgage because that’s another type of debt that chains you down.

    I’ve been doing some reading about getting a house without a mortgage(only brief).

    One idea I liked was in living on half your wage. So it will take me about 6 years to save £100 000 and with some research I saw you can buy a house up north for this amount.

    Now I was wondering how much do house prices go up over a 6 year period as by the time it’s 2023 I worry if the price goes up by 10 percent each year then I won’t have enough b.

    Thank you for your time. I look forward to the replies
    You can actually buy a house for under £85,000 in the North.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • louloufox
    louloufox Posts: 46 Forumite
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    I personally would buy sooner with a mortgage and regularly overpay. You will be surprised what a difference this makes.

    Also you need to consider how much you might pay in rent if you do not buy your own house ?

    Best of luck whatever you decide to do.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    datlex wrote: »
    You can actually buy a house for under £85,000 in the North.

    And get £50,000 change!
  • Cotswoldtony
    Cotswoldtony Posts: 59 Forumite
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    Most people want to be debt and mortgage free but do not understand how dangerous this can be to them in Law.
    If your property is debt free this means you have a tonne of money in that asset so you can become a target and it is very easy to place a Lien on your home to force you to negotiate.
    Possible future Liens from ex wife, Inland revenue tax investigation, negligence claim/s, creditors & lawyers are a few that can and will do this to you.
    Nobody can look into the future and the Land Registration is a very cheap and easy way to find out your net worth in your property that any person can do.
    Point of Law...if you have a mortgage on a property this can protect you from predators after money in your asset because the mortgage company must be paid in full as they have first charge on your property.
    No judge can force you to sell your property to clear a debt, so your mortgage can protect the roof over your head placing you in a better position to negotiate with any creditor in the future.
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